Investing $30 Dollars - Can You Make It $60 In A Week?
One of the fastest ways to build wealth is with leverage and compounding. Anyone has access to $30 or so, but if you can turn it into $60 in as little as a week, you certainly have achieved a remarkable feat. Turning $30 into $60 does not sound hard, or at least it is not out of the realm of possible. But you are actually talking about a 100% return in a week. This may not be sustainable, however this type of compounding does magical things to a small seed account.
If you took out your calculator and multiplied 30 by 2 which is the same as saying 100% you would be up to $1 million dollars in 15 such transactions. These types of skewed results are possible because of the size of the compounder or 100%
So what we would have here, if you were to double your $30 in a week, is that you have taken your first step. If you double $30 into $60 you would only have 14 more steps to go, to achieve a million dollars. The speed of returns are often more important than the size of the compounder.
Most investors are happy with 30% per year, however this is a very small compounder and a year is a long time. Your sustained effort and patience would need to be equal to a saint to get to your first million if you were starting out with just $30 Can you think of ways to double $30? How long would it take you, do you have any ideas on how your $30 could be turned into $60? If you can, you have taken your first step and only have 14 more to go!
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